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I am concidering an IVA, my debt is about 32k, i have been reading as much information about the process as i can, but i cant find any info if your wages are not the same each month. i work in a sales enviroment and earn comission on top of a regular wage, this is however unpredictable and therefore unreliable in terms of income. some months are very goog, eg in the jan sales, but other montha are very poor, and when on holiday i dont get any extra. how is this delt with, will they take into account my comission or just take int account my basic wage?
thanks

Hi Lisha,
if the comission is on top of your basic salary then I believe generally you will be required to hand over 50% of it to the IVA company and your IVA proposal will be based on your basic salary.
Hope this helps.
Lou

Hi Lisha
An iva should be worked out on your basic wage and as said by louisa anything above is usually paid at the rate of 50%. Just to confirm this 50% does not shorten the length of the iva it just gives the creditors more back.

Ang

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Hi
Your IP may well take an average of this bonus and use this,plus your basic,as your income.
Be sure to have this area of your IVA clarified with your IP and also make sure that you understand it and agree with it before committing to an IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Most IPs will generally work out salaries based upon the basic salary earned, and leave the commission to be swept up under the 50% provision. However if regular commission has become a necessary part of your salary, it may be more appropriate to apply an averaging formula based upon your last P60.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp